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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of Marin Bancorp | NASDAQ:BMRC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.38 | 2.57% | 15.19 | 14.71 | 15.74 | 15.23 | 14.70 | 14.83 | 90,840 | 23:07:21 |
California
|
|
20-8859754
|
|||
(State or other jurisdiction of incorporation)
|
|
(IRS Employer Identification No.)
|
|||
504 Redwood Blvd.
|
Suite 100
|
Novato
|
CA
|
|
94947
|
(Address of principal executive office)
|
|
(Zip Code)
|
Large accelerated filer
|
☐
|
|
Accelerated filer
|
☒
|
Non-accelerated filer
|
☐
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
☒
|
Emerging growth company
|
☐
|
|
|
|
|
|
|
PART I
|
||
|
|
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ITEM 1.
|
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|
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ITEM 2.
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ITEM 3.
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||
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ITEM 4.
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||
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PART II
|
||
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|
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ITEM 1.
|
||
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ITEM 1A.
|
||
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ITEM 2.
|
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ITEM 3.
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||
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ITEM 4.
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ITEM 5.
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ITEM 6.
|
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|
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CONDITION
September 30, 2019 and December 31, 2018
|
(in thousands, except share data; unaudited)
|
September 30, 2019
|
|
December 31, 2018
|
|
||
Assets
|
|
|
|
|||
Cash, cash equivalents and restricted cash
|
$
|
182,486
|
|
$
|
34,221
|
|
Investment securities
|
|
|
|
|||
Held-to-maturity, at amortized cost
|
142,213
|
|
157,206
|
|
||
Available-for-sale, at fair value
|
358,724
|
|
462,464
|
|
||
Total investment securities
|
500,937
|
|
619,670
|
|
||
Loans, net of allowance for loan losses of $16,240 and $15,821 at
September 30, 2019 and December 31, 2018, respectively |
1,782,450
|
|
1,748,043
|
|
||
Bank premises and equipment, net
|
6,474
|
|
7,376
|
|
||
Goodwill
|
30,140
|
|
30,140
|
|
||
Core deposit intangible
|
4,906
|
|
5,571
|
|
||
Operating lease right-of-use assets
|
11,934
|
|
—
|
|
||
Interest receivable and other assets
|
72,744
|
|
75,871
|
|
||
Total assets
|
$
|
2,592,071
|
|
$
|
2,520,892
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
|
||
Liabilities
|
|
|
|
|
||
Deposits
|
|
|
|
|
||
Non-interest bearing
|
$
|
1,101,288
|
|
$
|
1,066,051
|
|
Interest bearing
|
|
|
|
|||
Transaction accounts
|
162,015
|
|
133,403
|
|
||
Savings accounts
|
170,007
|
|
178,429
|
|
||
Money market accounts
|
693,137
|
|
679,775
|
|
||
Time accounts
|
98,077
|
|
117,182
|
|
||
Total deposits
|
2,224,524
|
|
2,174,840
|
|
||
Borrowings and other obligations
|
255
|
|
7,000
|
|
||
Subordinated debentures
|
2,691
|
|
2,640
|
|
||
Operating lease liabilities
|
13,665
|
|
—
|
|
||
Interest payable and other liabilities
|
17,871
|
|
20,005
|
|
||
Total liabilities
|
2,259,006
|
|
2,204,485
|
|
||
|
|
|
||||
Stockholders' Equity
|
|
|
|
|
||
Preferred stock, no par value,
Authorized - 5,000,000 shares, none issued |
—
|
|
—
|
|
||
Common stock, no par value,
Authorized - 30,000,000 shares; Issued and outstanding - 13,608,525 and 13,844,353 at September 30, 2019 and December 31, 2018, respectively |
130,220
|
|
140,565
|
|
||
Retained earnings
|
196,999
|
|
179,944
|
|
||
Accumulated other comprehensive income (loss), net of taxes
|
5,846
|
|
(4,102
|
)
|
||
Total stockholders' equity
|
333,065
|
|
316,407
|
|
||
Total liabilities and stockholders' equity
|
$
|
2,592,071
|
|
$
|
2,520,892
|
|
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|
Three months ended
|
|
Nine months ended
|
||||||||||
(in thousands, except per share amounts; unaudited)
|
September 30, 2019
|
September 30, 2018
|
|
September 30, 2019
|
September 30, 2018
|
||||||||
Interest income
|
|
|
|
|
|
|
|||||||
Interest and fees on loans
|
$
|
21,525
|
|
$
|
20,284
|
|
|
$
|
63,208
|
|
$
|
58,795
|
|
Interest on investment securities
|
3,382
|
|
3,524
|
|
|
11,242
|
|
10,180
|
|
||||
Interest on federal funds sold and due from banks
|
425
|
|
400
|
|
|
754
|
|
1,088
|
|
||||
Total interest income
|
25,332
|
|
24,208
|
|
|
75,204
|
|
70,063
|
|
||||
Interest expense
|
|
|
|
|
|
|
|
|
|
||||
Interest on interest-bearing transaction accounts
|
101
|
|
58
|
|
|
269
|
|
158
|
|
||||
Interest on savings accounts
|
17
|
|
18
|
|
|
52
|
|
54
|
|
||||
Interest on money market accounts
|
855
|
|
337
|
|
|
2,406
|
|
789
|
|
||||
Interest on time accounts
|
147
|
|
130
|
|
|
441
|
|
426
|
|
||||
Interest on borrowings and other obligations
|
4
|
|
1
|
|
|
75
|
|
2
|
|
||||
Interest on subordinated debentures
|
57
|
|
125
|
|
|
175
|
|
362
|
|
||||
Total interest expense
|
1,181
|
|
669
|
|
|
3,418
|
|
1,791
|
|
||||
Net interest income
|
24,151
|
|
23,539
|
|
|
71,786
|
|
68,272
|
|
||||
Provision for loan losses
|
400
|
|
—
|
|
|
400
|
|
—
|
|
||||
Net interest income after provision for loan losses
|
23,751
|
|
23,539
|
|
|
71,386
|
|
68,272
|
|
||||
Non-interest income
|
|
|
|
|
|
|
|
|
|||||
Service charges on deposit accounts
|
439
|
|
475
|
|
|
1,403
|
|
1,407
|
|
||||
Wealth Management and Trust Services
|
495
|
|
490
|
|
|
1,406
|
|
1,493
|
|
||||
Debit card interchange fees, net
|
406
|
|
402
|
|
|
1,200
|
|
1,158
|
|
||||
Merchant interchange fees, net
|
79
|
|
99
|
|
|
253
|
|
297
|
|
||||
Earnings on bank-owned life insurance, net
|
795
|
|
227
|
|
|
970
|
|
685
|
|
||||
Dividends on FHLB stock
|
202
|
|
194
|
|
|
591
|
|
582
|
|
||||
(Losses) gains on investment securities, net
|
—
|
|
(90
|
)
|
|
55
|
|
(79
|
)
|
||||
Other income
|
305
|
|
439
|
|
|
888
|
|
1,173
|
|
||||
Total non-interest income
|
2,721
|
|
2,236
|
|
|
6,766
|
|
6,716
|
|
||||
Non-interest expense
|
|
|
|
|
|
|
|
|
|||||
Salaries and related benefits
|
8,412
|
|
8,069
|
|
|
26,426
|
|
25,402
|
|
||||
Occupancy and equipment
|
1,507
|
|
1,444
|
|
|
4,616
|
|
4,462
|
|
||||
Depreciation and amortization
|
573
|
|
532
|
|
|
1,701
|
|
1,625
|
|
||||
Federal Deposit Insurance Corporation insurance
|
1
|
|
186
|
|
|
354
|
|
568
|
|
||||
Data processing
|
923
|
|
950
|
|
|
2,942
|
|
3,354
|
|
||||
Professional services
|
580
|
|
727
|
|
|
1,701
|
|
2,836
|
|
||||
Directors' expense
|
189
|
|
173
|
|
|
555
|
|
530
|
|
||||
Information technology
|
279
|
|
262
|
|
|
822
|
|
795
|
|
||||
Amortization of core deposit intangible
|
222
|
|
230
|
|
|
665
|
|
691
|
|
||||
Provision for losses on off-balance sheet commitments
|
—
|
|
—
|
|
|
129
|
|
—
|
|
||||
Other expense
|
1,514
|
|
1,398
|
|
|
4,733
|
|
4,298
|
|
||||
Total non-interest expense
|
14,200
|
|
13,971
|
|
|
44,644
|
|
44,561
|
|
||||
Income before provision for income taxes
|
12,272
|
|
11,804
|
|
|
33,508
|
|
30,427
|
|
||||
Provision for income taxes
|
2,824
|
|
3,124
|
|
|
8,346
|
|
7,467
|
|
||||
Net income
|
$
|
9,448
|
|
$
|
8,680
|
|
|
$
|
25,162
|
|
$
|
22,960
|
|
Net income per common share:1
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.70
|
|
$
|
0.63
|
|
|
$
|
1.84
|
|
$
|
1.66
|
|
Diluted
|
$
|
0.69
|
|
$
|
0.62
|
|
|
$
|
1.82
|
|
$
|
1.64
|
|
Weighted average shares:1
|
|
|
|
|
|
|
|
|
|||||
Basic
|
13,571
|
|
13,900
|
|
|
13,654
|
|
13,872
|
|
||||
Diluted
|
13,735
|
|
14,110
|
|
|
13,825
|
|
14,062
|
|
||||
Comprehensive income:
|
|
|
|
|
|
|
|||||||
Net income
|
$
|
9,448
|
|
$
|
8,680
|
|
|
$
|
25,162
|
|
$
|
22,960
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
||||
Change in net unrealized gains or losses on available-for-sale securities
|
936
|
|
(2,120
|
)
|
|
13,857
|
|
(9,421
|
)
|
||||
Reclassification adjustment for losses (gains) on available-for-sale securities in net income
|
—
|
|
90
|
|
|
(55
|
)
|
79
|
|
||||
Net unrealized losses on securities transferred from available-for-sale to held-to-maturity
|
—
|
|
—
|
|
|
—
|
|
(278
|
)
|
||||
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity
|
123
|
|
128
|
|
|
328
|
|
396
|
|
||||
Subtotal
|
1,059
|
|
(1,902
|
)
|
|
14,130
|
|
(9,224
|
)
|
||||
Deferred tax expense (benefit)
|
313
|
|
(562
|
)
|
|
4,182
|
|
(2,730
|
)
|
||||
Other comprehensive income (loss), net of tax
|
746
|
|
(1,340
|
)
|
|
9,948
|
|
(6,494
|
)
|
||||
Comprehensive income
|
$
|
10,194
|
|
$
|
7,340
|
|
|
$
|
35,110
|
|
$
|
16,466
|
|
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
|
For the three and nine months ended September 30, 2019 and 2018
|
(in thousands, except share data; unaudited)
|
Common Stock
|
Retained
Earnings
|
|
Accumulated Other
Comprehensive Income (Loss) ("AOCI"),
Net of Taxes
|
|
Total
|
|
|||||||
Shares1
|
|
Amount
|
|
|||||||||||
|
Three months ended September 30, 2019
|
|||||||||||||
Balance at July 1, 2019
|
13,659,143
|
|
$
|
132,151
|
|
$
|
190,416
|
|
$
|
5,100
|
|
$
|
327,667
|
|
Net income
|
—
|
|
—
|
|
9,448
|
|
—
|
|
9,448
|
|
||||
Other comprehensive income
|
—
|
|
—
|
|
—
|
|
746
|
|
746
|
|
||||
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings
|
3,452
|
|
101
|
|
—
|
|
—
|
|
101
|
|
||||
Stock issued under employee stock purchase plan
|
265
|
|
10
|
|
—
|
|
—
|
|
10
|
|
||||
Stock issued under employee stock ownership plan
|
7,600
|
|
311
|
|
—
|
|
—
|
|
311
|
|
||||
Stock-based compensation - stock options
|
—
|
|
98
|
|
—
|
|
—
|
|
98
|
|
||||
Stock-based compensation - restricted stock
|
—
|
|
142
|
|
—
|
|
—
|
|
142
|
|
||||
Cash dividends paid on common stock ($0.21 per share)
|
—
|
|
—
|
|
(2,865
|
)
|
—
|
|
(2,865
|
)
|
||||
Stock purchased by directors under director stock plan
|
392
|
|
16
|
|
—
|
|
—
|
|
16
|
|
||||
Stock issued in payment of director fees
|
2,800
|
|
117
|
|
—
|
|
—
|
|
117
|
|
||||
Stock repurchased, net of commissions
|
(65,127
|
)
|
(2,726
|
)
|
—
|
|
—
|
|
(2,726
|
)
|
||||
Balance at September 30, 2019
|
13,608,525
|
|
$
|
130,220
|
|
$
|
196,999
|
|
$
|
5,846
|
|
$
|
333,065
|
|
|
Three months ended September 30, 2018
|
|||||||||||||
Balance at July 1, 2018
|
13,983,642
|
|
$
|
146,195
|
|
$
|
166,281
|
|
$
|
(8,278
|
)
|
$
|
304,198
|
|
Net income
|
—
|
|
—
|
|
8,680
|
|
—
|
|
8,680
|
|
||||
Other comprehensive loss
|
—
|
|
—
|
|
—
|
|
(1,340
|
)
|
(1,340
|
)
|
||||
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings
|
3,502
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Stock issued under employee stock purchase plan
|
242
|
|
9
|
|
—
|
|
—
|
|
9
|
|
||||
Stock issued under employee stock ownership plan
|
6,800
|
|
297
|
|
—
|
|
—
|
|
297
|
|
||||
Stock-based compensation - stock options
|
—
|
|
124
|
|
—
|
|
—
|
|
124
|
|
||||
Stock-based compensation - restricted stock
|
—
|
|
176
|
|
—
|
|
—
|
|
176
|
|
||||
Cash dividends paid on common stock ($0.155 per share1)
|
—
|
|
—
|
|
(2,238
|
)
|
—
|
|
(2,238
|
)
|
||||
Stock purchased by directors under director stock plan
|
478
|
|
19
|
|
—
|
|
—
|
|
19
|
|
||||
Stock issued in payment of director fees
|
2,784
|
|
113
|
|
—
|
|
—
|
|
113
|
|
||||
Stock repurchased, net of commissions
|
(33,090
|
)
|
(1,435
|
)
|
—
|
|
—
|
|
(1,435
|
)
|
||||
Balance at September 30, 2018
|
13,964,358
|
|
$
|
145,498
|
|
$
|
172,723
|
|
$
|
(9,618
|
)
|
$
|
308,603
|
|
|
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
|
For the three and nine months ended September 30, 2019 and 2018
|
(in thousands, except share data; unaudited)
|
Common Stock
|
Retained
Earnings
|
|
Accumulated Other
Comprehensive Income (Loss) ("AOCI"), Net of Taxes |
|
Total
|
|
|||||||
Shares
|
|
Amount
|
|
|||||||||||
|
Nine months ended September 30, 2019
|
|||||||||||||
Balance at January 1, 2019
|
13,844,353
|
|
$
|
140,565
|
|
$
|
179,944
|
|
$
|
(4,102
|
)
|
$
|
316,407
|
|
Net income
|
—
|
|
—
|
|
25,162
|
|
—
|
|
25,162
|
|
||||
Other comprehensive income
|
—
|
|
—
|
|
—
|
|
9,948
|
|
9,948
|
|
||||
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings
|
40,927
|
|
572
|
|
—
|
|
—
|
|
572
|
|
||||
Stock issued under employee stock purchase plan
|
1,016
|
|
40
|
|
—
|
|
—
|
|
40
|
|
||||
Stock issued under employee stock ownership plan
|
23,200
|
|
935
|
|
—
|
|
—
|
|
935
|
|
||||
Restricted stock granted
|
29,110
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Restricted stock surrendered for tax withholdings upon vesting
|
(5,240
|
)
|
(220
|
)
|
—
|
|
—
|
|
(220
|
)
|
||||
Restricted stock forfeited / cancelled
|
(17,325
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Stock-based compensation - stock options
|
—
|
|
437
|
|
—
|
|
—
|
|
437
|
|
||||
Stock-based compensation - restricted stock
|
—
|
|
806
|
|
—
|
|
—
|
|
806
|
|
||||
Cash dividends paid on common stock ($0.59 per share)
|
—
|
|
—
|
|
(8,107
|
)
|
—
|
|
(8,107
|
)
|
||||
Stock purchased by directors under director stock plan
|
591
|
|
24
|
|
—
|
|
—
|
|
24
|
|
||||
Stock issued in payment of director fees
|
5,544
|
|
231
|
|
—
|
|
—
|
|
231
|
|
||||
Stock repurchased, net of commissions
|
(313,651
|
)
|
(13,170
|
)
|
—
|
|
—
|
|
(13,170
|
)
|
||||
Balance at September 30, 2019
|
13,608,525
|
|
$
|
130,220
|
|
$
|
196,999
|
|
$
|
5,846
|
|
$
|
333,065
|
|
|
Nine months ended September 30, 2018
|
|||||||||||||
Balance at January 1, 2018
|
13,843,084
|
|
$
|
143,967
|
|
$
|
155,544
|
|
$
|
(2,486
|
)
|
$
|
297,025
|
|
Net income
|
—
|
|
—
|
|
22,960
|
|
—
|
|
22,960
|
|
||||
Other comprehensive loss
|
—
|
|
—
|
|
—
|
|
(6,494
|
)
|
(6,494
|
)
|
||||
Reclassification of stranded tax effects in AOCI
|
—
|
|
—
|
|
638
|
|
(638
|
)
|
—
|
|
||||
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings
|
103,652
|
|
534
|
|
—
|
|
—
|
|
534
|
|
||||
Stock issued under employee stock purchase plan
|
772
|
|
28
|
|
—
|
|
—
|
|
28
|
|
||||
Stock issued under employee stock ownership plan
|
22,600
|
|
898
|
|
—
|
|
—
|
|
898
|
|
||||
Restricted stock granted
|
37,040
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Restricted stock surrendered for tax withholdings upon vesting
|
(1,316
|
)
|
(45
|
)
|
—
|
|
—
|
|
(45
|
)
|
||||
Restricted stock forfeited / cancelled
|
(12,056
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Stock-based compensation - stock options
|
—
|
|
566
|
|
—
|
|
—
|
|
566
|
|
||||
Stock-based compensation - restricted stock
|
—
|
|
848
|
|
—
|
|
—
|
|
848
|
|
||||
Cash dividends paid on common stock ($0.46 per share1)
|
—
|
|
—
|
|
(6,419
|
)
|
—
|
|
(6,419
|
)
|
||||
Stock purchased by directors under director stock plan
|
998
|
|
37
|
|
—
|
|
—
|
|
37
|
|
||||
Stock issued in payment of director fees
|
5,470
|
|
204
|
|
—
|
|
—
|
|
204
|
|
||||
Stock repurchased, net of commissions
|
(35,886
|
)
|
(1,539
|
)
|
—
|
|
—
|
|
(1,539
|
)
|
||||
Balance at September 30, 2018
|
13,964,358
|
|
145,498
|
|
172,723
|
|
(9,618
|
)
|
308,603
|
|
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
For the nine months ended September 30, 2019 and 2018
|
(in thousands; unaudited)
|
September 30, 2019
|
|
September 30, 2018
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net income
|
$
|
25,162
|
|
|
$
|
22,960
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Provision for loan losses
|
400
|
|
|
—
|
|
||
Provision for losses on off-balance sheet commitments
|
129
|
|
|
—
|
|
||
Noncash contribution expense to employee stock ownership plan
|
935
|
|
|
898
|
|
||
Noncash director compensation expense
|
226
|
|
|
219
|
|
||
Stock-based compensation expense
|
1,243
|
|
|
1,414
|
|
||
Amortization of core deposit intangible
|
665
|
|
|
691
|
|
||
Amortization of investment security premiums, net of accretion of discounts
|
1,282
|
|
|
2,172
|
|
||
Accretion of discount on acquired loans
|
(208
|
)
|
|
(531
|
)
|
||
Accretion of discount on subordinated debentures
|
51
|
|
|
92
|
|
||
Net change in deferred loan origination costs/fees
|
(345
|
)
|
|
114
|
|
||
(Gain) loss on sale of investment securities
|
(55
|
)
|
|
79
|
|
||
Depreciation and amortization
|
1,701
|
|
|
1,625
|
|
||
Earnings on bank-owned life insurance policies
|
(970
|
)
|
|
(685
|
)
|
||
Net change in operating assets and liabilities:
|
|
|
|
||||
Interest receivable and other assets
|
2,287
|
|
|
2,779
|
|
||
Interest payable and other liabilities
|
(1,302
|
)
|
|
(543
|
)
|
||
Total adjustments
|
6,039
|
|
|
8,324
|
|
||
Net cash provided by operating activities
|
31,201
|
|
|
31,284
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
|
|
||
Purchase of held-to-maturity securities
|
—
|
|
|
(1,988
|
)
|
||
Purchase of available-for-sale securities
|
(18,892
|
)
|
|
(174,617
|
)
|
||
Proceeds from sale of available-for-sale securities
|
66,081
|
|
|
16,972
|
|
||
Proceeds from paydowns/maturities of held-to-maturity securities
|
14,736
|
|
|
15,947
|
|
||
Proceeds from paydowns/maturities of available-for-sale securities
|
69,711
|
|
|
45,917
|
|
||
Loans originated and principal collected, net
|
(32,895
|
)
|
|
(50,315
|
)
|
||
Purchase of bank-owned life insurance policies
|
(1,892
|
)
|
|
—
|
|
||
Purchase of premises and equipment
|
(419
|
)
|
|
(615
|
)
|
||
Purchase of Federal Home Loan Bank stock
|
(616
|
)
|
|
—
|
|
||
Cash paid for low-income housing tax credit investment
|
(339
|
)
|
|
(389
|
)
|
||
Net cash provided by (used in) investing activities
|
95,475
|
|
|
(149,088
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||
Net increase in deposits
|
49,684
|
|
|
64,176
|
|
||
Proceeds from stock options exercised
|
572
|
|
|
585
|
|
||
Payment of tax withholdings for stock options exercised and vesting of restricted stock
|
(220
|
)
|
|
(96
|
)
|
||
Proceeds from stock issued under employee and director stock purchase plans
|
64
|
|
|
65
|
|
||
Stock repurchased, net of commissions
|
(13,279
|
)
|
|
(1,334
|
)
|
||
Repayment of Federal Home Loan Bank borrowings
|
(7,000
|
)
|
|
—
|
|
||
Repayment of finance lease obligations
|
(125
|
)
|
|
—
|
|
||
Cash dividends paid on common stock
|
(8,107
|
)
|
|
(6,419
|
)
|
||
Net provided by financing activities
|
21,589
|
|
|
56,977
|
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
148,265
|
|
|
(60,827
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
34,221
|
|
|
203,545
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
182,486
|
|
|
$
|
142,718
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid in interest
|
$
|
3,351
|
|
|
$
|
1,737
|
|
Cash paid in income taxes
|
$
|
9,025
|
|
|
$
|
4,900
|
|
Supplemental disclosure of noncash investing and financing activities:
|
|
|
|
|
|
||
Change in net unrealized gain or loss on available-for-sale securities
|
$
|
13,857
|
|
|
$
|
(9,421
|
)
|
Securities transferred from available-for-sale to held-to-maturity
|
$
|
—
|
|
|
$
|
27,422
|
|
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity
|
$
|
328
|
|
|
$
|
396
|
|
Subscription in low-income housing tax credit investment
|
$
|
—
|
|
|
$
|
3,000
|
|
Stock issued to employee stock ownership plan
|
$
|
935
|
|
|
$
|
898
|
|
Stock issued in payment of director fees
|
$
|
231
|
|
|
$
|
204
|
|
Repurchase of stock not yet settled
|
$
|
34
|
|
|
$
|
205
|
|
Restricted cash:
|
|
|
|
||||
Federal Reserve Bank reserve requirements included in cash, cash equivalents and restricted cash
|
$
|
10,015
|
|
|
$
|
7,345
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||
(in thousands, except per share data)1
|
September 30, 2019
|
September 30, 2018
|
|
September 30, 2019
|
September 30, 2018
|
||||||||
Weighted average basic shares outstanding
|
13,571
|
|
13,900
|
|
|
13,654
|
|
13,872
|
|
||||
Potentially dilutive common shares related to:
|
|
|
|
|
|
||||||||
Stock options
|
141
|
|
177
|
|
|
146
|
|
158
|
|
||||
Unvested restricted stock awards
|
23
|
|
33
|
|
|
25
|
|
32
|
|
||||
Weighted average diluted shares outstanding
|
13,735
|
|
14,110
|
|
|
13,825
|
|
14,062
|
|
||||
Net income
|
$
|
9,448
|
|
$
|
8,680
|
|
|
$
|
25,162
|
|
$
|
22,960
|
|
Basic EPS
|
$
|
0.70
|
|
$
|
0.63
|
|
|
$
|
1.84
|
|
$
|
1.66
|
|
Diluted EPS
|
$
|
0.69
|
|
$
|
0.62
|
|
|
$
|
1.82
|
|
$
|
1.64
|
|
Weighted average anti-dilutive shares not included in the calculation of diluted EPS
|
39
|
|
—
|
|
|
34
|
|
2
|
|
(in thousands)
Description of Financial Instruments
|
Carrying Value
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Measurement Categories: Changes in Fair Value Recorded In1
|
||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|||||
Securities available-for-sale:
|
|
|
|
|
|
||||||||
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies
|
$
|
245,603
|
|
$
|
—
|
|
$
|
245,603
|
|
$
|
—
|
|
OCI
|
SBA-backed securities
|
36,943
|
|
—
|
|
36,943
|
|
—
|
|
OCI
|
||||
Debentures of government sponsored agencies
|
23,822
|
|
—
|
|
23,822
|
|
—
|
|
OCI
|
||||
Privately-issued collateralized mortgage obligations
|
119
|
|
—
|
|
119
|
|
—
|
|
OCI
|
||||
Obligations of state and political subdivisions
|
50,232
|
|
—
|
|
50,232
|
|
—
|
|
OCI
|
||||
Corporate bonds
|
2,005
|
|
—
|
|
2,005
|
|
—
|
|
OCI
|
||||
Derivative financial assets (interest rate contracts)
|
—
|
|
—
|
|
—
|
|
—
|
|
NI
|
||||
Derivative financial liabilities (interest rate contracts)
|
1,603
|
|
—
|
|
1,603
|
|
—
|
|
NI
|
||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|||||
Securities available-for-sale:
|
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies
|
$
|
278,403
|
|
$
|
—
|
|
$
|
278,403
|
|
$
|
—
|
|
OCI
|
SBA-backed securities
|
50,781
|
|
—
|
|
50,781
|
|
—
|
|
OCI
|
||||
Debentures of government sponsored agencies
|
53,018
|
|
—
|
|
53,018
|
|
—
|
|
OCI
|
||||
Privately-issued collateralized mortgage obligations
|
297
|
|
—
|
|
297
|
|
—
|
|
OCI
|
||||
Obligations of state and political subdivisions
|
77,960
|
|
—
|
|
77,960
|
|
—
|
|
OCI
|
||||
Corporate bonds
|
2,005
|
|
—
|
|
2,005
|
|
—
|
|
OCI
|
||||
Derivative financial assets (interest rate contracts)
|
161
|
|
—
|
|
161
|
|
—
|
|
NI
|
||||
Derivative financial liabilities (interest rate contracts)
|
375
|
|
—
|
|
375
|
|
—
|
|
NI
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
(in thousands)
|
Carrying Amounts
|
|
Fair Value
|
|
Fair Value Hierarchy
|
|
Carrying Amounts
|
|
Fair Value
|
|
Fair Value Hierarchy
|
||||
Financial assets (recorded at amortized cost)
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents
|
$
|
182,486
|
|
$
|
182,486
|
|
Level 1
|
|
$
|
34,221
|
|
$
|
34,221
|
|
Level 1
|
Investment securities held-to-maturity
|
142,213
|
|
145,118
|
|
Level 2
|
|
157,206
|
|
153,894
|
|
Level 2
|
||||
Loans, net
|
1,782,450
|
|
1,792,192
|
|
Level 3
|
|
1,748,043
|
|
1,700,971
|
|
Level 3
|
||||
Interest receivable
|
7,037
|
|
7,037
|
|
Level 2
|
|
8,292
|
|
8,292
|
|
Level 2
|
||||
Financial liabilities (recorded at amortized cost)
|
|
|
|
|
|
|
|
|
|||||||
Time deposits
|
98,077
|
|
97,150
|
|
Level 2
|
|
117,182
|
|
116,584
|
|
Level 2
|
||||
Federal Home Loan Bank overnight borrowings
|
—
|
|
—
|
|
Level 2
|
|
7,000
|
|
7,000
|
|
Level 2
|
||||
Subordinated debentures
|
2,691
|
|
3,094
|
|
Level 3
|
|
2,640
|
|
3,268
|
|
Level 3
|
||||
Interest payable
|
120
|
|
120
|
|
Level 2
|
|
104
|
|
104
|
|
Level 2
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||
|
Amortized
|
Fair
|
Gross Unrealized
|
|
Amortized
|
Fair
|
Gross Unrealized
|
||||||||||||||||||
(in thousands)
|
Cost
|
Value
|
Gains
|
(Losses)
|
|
Cost
|
Value
|
Gains
|
(Losses)
|
||||||||||||||||
Held-to-maturity:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Securities of U.S. government-sponsored enterprises:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
MBS pass-through securities issued by FHLMC and FNMA
|
$
|
80,166
|
|
$
|
81,308
|
|
$
|
1,357
|
|
$
|
(215
|
)
|
|
$
|
88,606
|
|
$
|
85,804
|
|
$
|
7
|
|
$
|
(2,809
|
)
|
SBA-backed securities
|
8,001
|
|
8,360
|
|
359
|
|
—
|
|
|
8,720
|
|
8,757
|
|
37
|
|
—
|
|
||||||||
CMOs issued by FNMA
|
10,679
|
|
10,981
|
|
302
|
|
—
|
|
|
11,447
|
|
11,327
|
|
—
|
|
(120
|
)
|
||||||||
CMOs issued by FHLMC
|
32,568
|
|
33,524
|
|
966
|
|
(10
|
)
|
|
33,583
|
|
33,021
|
|
8
|
|
(570
|
)
|
||||||||
CMOs issued by GNMA
|
3,757
|
|
3,810
|
|
53
|
|
—
|
|
|
3,739
|
|
3,769
|
|
30
|
|
—
|
|
||||||||
Obligations of state and
political subdivisions
|
7,042
|
|
7,135
|
|
93
|
|
—
|
|
|
11,111
|
|
11,216
|
|
128
|
|
(23
|
)
|
||||||||
Total held-to-maturity
|
142,213
|
|
145,118
|
|
3,130
|
|
(225
|
)
|
|
157,206
|
|
153,894
|
|
210
|
|
(3,522
|
)
|
||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Securities of U.S. government-sponsored enterprises:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
MBS pass-through securities issued by FHLMC and FNMA
|
62,654
|
|
64,290
|
|
1,683
|
|
(47
|
)
|
|
95,339
|
|
94,467
|
|
358
|
|
(1,230
|
)
|
||||||||
SBA-backed securities
|
36,014
|
|
36,943
|
|
990
|
|
(61
|
)
|
|
50,722
|
|
50,781
|
|
465
|
|
(406
|
)
|
||||||||
CMOs issued by FNMA
|
24,168
|
|
24,560
|
|
392
|
|
—
|
|
|
28,275
|
|
28,079
|
|
134
|
|
(330
|
)
|
||||||||
CMOs issued by FHLMC
|
138,731
|
|
144,067
|
|
5,374
|
|
(38
|
)
|
|
145,979
|
|
144,836
|
|
454
|
|
(1,597
|
)
|
||||||||
CMOs issued by GNMA
|
12,621
|
|
12,686
|
|
66
|
|
(1
|
)
|
|
11,294
|
|
11,021
|
|
1
|
|
(274
|
)
|
||||||||
Debentures of government- sponsored agencies
|
23,069
|
|
23,822
|
|
753
|
|
—
|
|
|
52,956
|
|
53,018
|
|
185
|
|
(123
|
)
|
||||||||
Privately issued CMOs
|
120
|
|
119
|
|
—
|
|
(1
|
)
|
|
295
|
|
297
|
|
2
|
|
—
|
|
||||||||
Obligations of state and
political subdivisions
|
48,993
|
|
50,232
|
|
1,292
|
|
(53
|
)
|
|
79,046
|
|
77,960
|
|
134
|
|
(1,220
|
)
|
||||||||
Corporate bonds
|
1,999
|
|
2,005
|
|
7
|
|
(1
|
)
|
|
2,004
|
|
2,005
|
|
15
|
|
(14
|
)
|
||||||||
Total available-for-sale
|
348,369
|
|
358,724
|
|
10,557
|
|
(202
|
)
|
|
465,910
|
|
462,464
|
|
1,748
|
|
(5,194
|
)
|
||||||||
Total investment securities
|
$
|
490,582
|
|
$
|
503,842
|
|
$
|
13,687
|
|
$
|
(427
|
)
|
|
$
|
623,116
|
|
$
|
616,358
|
|
$
|
1,958
|
|
$
|
(8,716
|
)
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||
|
Held-to-Maturity
|
|
Available-for-Sale
|
|
Held-to-Maturity
|
|
Available-for-Sale
|
||||||||||||||||||||
(in thousands)
|
Amortized Cost
|
Fair Value
|
|
Amortized Cost
|
Fair Value
|
|
Amortized Cost
|
Fair Value
|
|
Amortized Cost
|
Fair Value
|
||||||||||||||||
Within one year
|
$
|
5,327
|
|
$
|
5,335
|
|
|
$
|
5,475
|
|
$
|
5,478
|
|
|
$
|
6,194
|
|
$
|
6,182
|
|
|
$
|
9,863
|
|
$
|
9,795
|
|
After one but within five years
|
2,269
|
|
2,318
|
|
|
57,102
|
|
58,144
|
|
|
5,481
|
|
5,492
|
|
|
84,871
|
|
84,435
|
|
||||||||
After five years through ten years
|
56,183
|
|
58,018
|
|
|
188,601
|
|
195,869
|
|
|
59,231
|
|
58,120
|
|
|
252,274
|
|
250,055
|
|
||||||||
After ten years
|
78,434
|
|
79,447
|
|
|
97,191
|
|
99,233
|
|
|
86,300
|
|
84,100
|
|
|
118,902
|
|
118,179
|
|
||||||||
Total
|
$
|
142,213
|
|
$
|
145,118
|
|
|
$
|
348,369
|
|
$
|
358,724
|
|
|
$
|
157,206
|
|
$
|
153,894
|
|
|
$
|
465,910
|
|
$
|
462,464
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||
(in thousands)
|
September 30, 2019
|
September 30, 2018
|
|
September 30, 2019
|
September 30, 2018
|
||||||||
Available-for-sale:
|
|
|
|
|
|
||||||||
Sales proceeds
|
$
|
—
|
|
$
|
11,966
|
|
|
$
|
66,081
|
|
$
|
16,972
|
|
Gross realized gains
|
—
|
|
—
|
|
|
214
|
|
27
|
|
||||
Gross realized losses
|
—
|
|
(90
|
)
|
|
(159
|
)
|
(106
|
)
|
(in thousands)
|
September 30, 2019
|
December 31, 2018
|
||||
Pledged to the State of California:
|
|
|
||||
Secure public deposits in compliance with the Local Agency Security Program
|
$
|
84,574
|
|
$
|
125,696
|
|
Collateral for trust deposits
|
745
|
|
734
|
|
||
Total investment securities pledged to the State of California
|
$
|
85,319
|
|
$
|
126,430
|
|
Collateral for Wealth Management and Trust Services checking account
|
$
|
625
|
|
$
|
2,000
|
|
September 30, 2019
|
< 12 continuous months
|
|
≥ 12 continuous months
|
|
Total securities
in a loss position
|
|||||||||||||||
(in thousands)
|
Fair value
|
Unrealized loss
|
|
Fair value
|
Unrealized loss
|
|
Fair value
|
Unrealized loss
|
||||||||||||
Held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||||||
MBS pass-through securities issued by FHLMC and FNMA
|
$
|
9,063
|
|
$
|
(24
|
)
|
|
$
|
23,799
|
|
$
|
(191
|
)
|
|
$
|
32,862
|
|
$
|
(215
|
)
|
CMOs issued by FHLMC
|
—
|
|
—
|
|
|
1,866
|
|
(10
|
)
|
|
1,866
|
|
(10
|
)
|
||||||
Total held-to-maturity
|
9,063
|
|
(24
|
)
|
|
25,665
|
|
(201
|
)
|
|
34,728
|
|
(225
|
)
|
||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||||||
MBS pass-through securities issued by FHLMC and FNMA
|
269
|
|
(1
|
)
|
|
7,628
|
|
(46
|
)
|
|
7,897
|
|
(47
|
)
|
||||||
SBA-backed securities
|
—
|
|
—
|
|
|
2,785
|
|
(61
|
)
|
|
2,785
|
|
(61
|
)
|
||||||
CMOs issued by FNMA
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||||
CMOs issued by FHLMC
|
7,735
|
|
(13
|
)
|
|
9,722
|
|
(25
|
)
|
|
17,457
|
|
(38
|
)
|
||||||
CMOs issued by GNMA
|
—
|
|
—
|
|
|
130
|
|
(1
|
)
|
|
130
|
|
(1
|
)
|
||||||
Privately issued CMOs
|
79
|
|
(1
|
)
|
|
—
|
|
—
|
|
|
79
|
|
(1
|
)
|
||||||
Obligations of state and political subdivisions
|
6,936
|
|
(49
|
)
|
|
966
|
|
(4
|
)
|
|
7,902
|
|
(53
|
)
|
||||||
Corporate bonds
|
—
|
|
—
|
|
|
504
|
|
(1
|
)
|
|
504
|
|
(1
|
)
|
||||||
Total available-for-sale
|
15,019
|
|
(64
|
)
|
|
21,735
|
|
(138
|
)
|
|
36,754
|
|
(202
|
)
|
||||||
Total temporarily impaired securities
|
$
|
24,082
|
|
$
|
(88
|
)
|
|
$
|
47,400
|
|
$
|
(339
|
)
|
|
$
|
71,482
|
|
$
|
(427
|
)
|
December 31, 2018
|
< 12 continuous months
|
|
≥ 12 continuous months
|
|
Total securities
in a loss position
|
|||||||||||||||
(in thousands)
|
Fair value
|
Unrealized loss
|
|
Fair value
|
Unrealized loss
|
|
Fair value
|
Unrealized loss
|
||||||||||||
Held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||||||
MBS pass-through securities issued by FHLMC and FNMA
|
$
|
198
|
|
$
|
(9
|
)
|
|
$
|
83,990
|
|
$
|
(2,800
|
)
|
|
$
|
84,188
|
|
$
|
(2,809
|
)
|
CMOs issued by FNMA
|
—
|
|
—
|
|
|
11,327
|
|
(120
|
)
|
|
11,327
|
|
(120
|
)
|
||||||
CMOs issued by FHLMC
|
2,880
|
|
(3
|
)
|
|
28,171
|
|
(567
|
)
|
|
31,051
|
|
(570
|
)
|
||||||
Obligations of state and political subdivisions
|
—
|
|
—
|
|
|
3,565
|
|
(23
|
)
|
|
3,565
|
|
(23
|
)
|
||||||
Total held-to-maturity
|
3,078
|
|
(12
|
)
|
|
127,053
|
|
(3,510
|
)
|
|
130,131
|
|
(3,522
|
)
|
||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
MBS pass-through securities issued by FHLMC and FNMA
|
19,971
|
|
(128
|
)
|
|
50,077
|
|
(1,102
|
)
|
|
70,048
|
|
(1,230
|
)
|
||||||
SBA-backed securities
|
13,175
|
|
(122
|
)
|
|
20,123
|
|
(284
|
)
|
|
33,298
|
|
(406
|
)
|
||||||
CMOs issued by FNMA
|
2,345
|
|
(8
|
)
|
|
16,138
|
|
(322
|
)
|
|
18,483
|
|
(330
|
)
|
||||||
CMOs issued by FHLMC
|
24,094
|
|
(330
|
)
|
|
74,243
|
|
(1,267
|
)
|
|
98,337
|
|
(1,597
|
)
|
||||||
CMOs issued by GNMA
|
1,666
|
|
(7
|
)
|
|
9,112
|
|
(267
|
)
|
|
10,778
|
|
(274
|
)
|
||||||
Debentures of government- sponsored agencies
|
4,992
|
|
(8
|
)
|
|
11,349
|
|
(115
|
)
|
|
16,341
|
|
(123
|
)
|
||||||
Obligations of state and political subdivisions
|
15,290
|
|
(54
|
)
|
|
52,804
|
|
(1,166
|
)
|
|
68,094
|
|
(1,220
|
)
|
||||||
Corporate Bonds
|
—
|
|
—
|
|
|
1,004
|
|
(14
|
)
|
|
1,004
|
|
(14
|
)
|
||||||
Total available-for-sale
|
81,533
|
|
(657
|
)
|
|
234,850
|
|
(4,537
|
)
|
|
316,383
|
|
(5,194
|
)
|
||||||
Total temporarily impaired securities
|
$
|
84,611
|
|
$
|
(669
|
)
|
|
$
|
361,903
|
|
$
|
(8,047
|
)
|
|
$
|
446,514
|
|
$
|
(8,716
|
)
|
Loan Aging Analysis by Class
|
||||||||||||||||||||||||
(in thousands)
|
Commercial and industrial
|
|
Commercial real estate, owner-occupied
|
|
Commercial real estate, investor
|
|
Construction
|
|
Home equity
|
|
Other residential
|
|
Installment and other consumer
|
|
Total
|
|
||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
30-59 days past due
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
440
|
|
$
|
—
|
|
$
|
153
|
|
$
|
593
|
|
60-89 days past due
|
—
|
|
—
|
|
—
|
|
—
|
|
94
|
|
—
|
|
—
|
|
94
|
|
||||||||
90 days or more past due
|
20
|
|
—
|
|
—
|
|
—
|
|
73
|
|
—
|
|
—
|
|
93
|
|
||||||||
Total past due
|
20
|
|
—
|
|
—
|
|
—
|
|
607
|
|
—
|
|
153
|
|
780
|
|
||||||||
Current
|
260,808
|
|
310,486
|
|
896,066
|
|
50,254
|
|
121,207
|
|
130,781
|
|
28,308
|
|
1,797,910
|
|
||||||||
Total loans 2
|
$
|
260,828
|
|
$
|
310,486
|
|
$
|
896,066
|
|
$
|
50,254
|
|
$
|
121,814
|
|
$
|
130,781
|
|
$
|
28,461
|
|
$
|
1,798,690
|
|
Non-accrual loans 1
|
$
|
195
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
167
|
|
$
|
—
|
|
$
|
60
|
|
$
|
422
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
30-59 days past due
|
$
|
5
|
|
$
|
—
|
|
$
|
1,004
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
112
|
|
$
|
1,121
|
|
60-89 days past due
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
90 days or more past due
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Total past due
|
5
|
|
—
|
|
1,004
|
|
—
|
|
—
|
|
—
|
|
112
|
|
1,121
|
|
||||||||
Current
|
230,734
|
|
313,277
|
|
872,406
|
|
76,423
|
|
124,696
|
|
117,847
|
|
27,360
|
|
1,762,743
|
|
||||||||
Total loans 2
|
$
|
230,739
|
|
$
|
313,277
|
|
$
|
873,410
|
|
$
|
76,423
|
|
$
|
124,696
|
|
$
|
117,847
|
|
$
|
27,472
|
|
$
|
1,763,864
|
|
Non-accrual loans 1
|
$
|
319
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
313
|
|
$
|
—
|
|
$
|
65
|
|
$
|
697
|
|
Credit Risk Profile by Internally Assigned Risk Grade
|
|||||||||||||||||||||||||||
(in thousands)
|
Commercial and industrial
|
|
Commercial real estate, owner-occupied
|
|
Commercial real estate, investor
|
|
Construction
|
|
Home equity
|
|
Other residential
|
|
Installment and other consumer
|
|
Purchased credit-impaired
|
|
Total
|
|
|||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Pass
|
$
|
219,346
|
|
$
|
290,074
|
|
$
|
893,574
|
|
$
|
50,254
|
|
$
|
120,400
|
|
$
|
130,781
|
|
$
|
28,313
|
|
$
|
2,059
|
|
$
|
1,734,801
|
|
Special Mention
|
41,092
|
|
10,198
|
|
1,664
|
|
—
|
|
1,000
|
|
—
|
|
—
|
|
—
|
|
53,954
|
|
|||||||||
Substandard
|
386
|
|
9,061
|
|
—
|
|
—
|
|
340
|
|
—
|
|
148
|
|
—
|
|
9,935
|
|
|||||||||
Total loans
|
$
|
260,824
|
|
$
|
309,333
|
|
$
|
895,238
|
|
$
|
50,254
|
|
$
|
121,740
|
|
$
|
130,781
|
|
$
|
28,461
|
|
$
|
2,059
|
|
$
|
1,798,690
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pass
|
$
|
219,625
|
|
$
|
299,998
|
|
$
|
870,443
|
|
$
|
73,735
|
|
$
|
122,844
|
|
$
|
117,847
|
|
$
|
27,312
|
|
$
|
2,112
|
|
$
|
1,733,916
|
|
Special Mention
|
9,957
|
|
4,106
|
|
2,156
|
|
—
|
|
1,121
|
|
—
|
|
—
|
|
—
|
|
17,340
|
|
|||||||||
Substandard
|
1,126
|
|
7,986
|
|
—
|
|
2,688
|
|
648
|
|
—
|
|
160
|
|
—
|
|
12,608
|
|
|||||||||
Total loans
|
$
|
230,708
|
|
$
|
312,090
|
|
$
|
872,599
|
|
$
|
76,423
|
|
$
|
124,613
|
|
$
|
117,847
|
|
$
|
27,472
|
|
$
|
2,112
|
|
$
|
1,763,864
|
|
•
|
The loan is subsequently refinanced or restructured at current market interest rates and the new terms are consistent with the treatment of creditworthy borrowers under regular underwriting standards;
|
•
|
The borrower is no longer considered to be in financial difficulty;
|
•
|
Performance on the loan is reasonably assured; and
|
•
|
Existing loan did not have any forgiveness of principal or interest.
|
(dollars in thousands)
|
Number of Contracts Modified
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment at Period End
|
|
|||
TDRs during the three months ended September 30, 2019:
|
|
|
|
|
|||||||
None
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
TDRs during the three months ended September 30, 2018:
|
|
|
|
|
|
|
|
|
|||
None
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
TDRs during the nine months ended September 30, 2019:
|
|
|
|
|
|||||||
Commercial and industrial
|
1
|
|
$
|
298
|
|
$
|
298
|
|
$
|
173
|
|
TDRs during the nine months ended September 30, 2018:
|
|
|
|
|
|
|
|
||||
Commercial and industrial
|
2
|
|
$
|
254
|
|
$
|
245
|
|
$
|
235
|
|
(in thousands)
|
Commercial and industrial
|
|
Commercial real estate, owner-occupied
|
|
Commercial real estate, investor
|
|
Construction
|
|
Home equity
|
|
Other residential
|
|
Installment and other consumer
|
|
Total
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recorded investment in impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
With no specific allowance recorded
|
$
|
303
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,688
|
|
$
|
313
|
|
$
|
462
|
|
$
|
111
|
|
$
|
3,877
|
|
With a specific allowance recorded
|
1,522
|
|
6,993
|
|
1,821
|
|
—
|
|
251
|
|
—
|
|
574
|
|
11,161
|
|
||||||||
Total recorded investment in impaired loans
|
$
|
1,825
|
|
$
|
6,993
|
|
$
|
1,821
|
|
$
|
2,688
|
|
$
|
564
|
|
$
|
462
|
|
$
|
685
|
|
$
|
15,038
|
|
Unpaid principal balance of impaired loans
|
$
|
1,813
|
|
$
|
6,993
|
|
$
|
1,812
|
|
$
|
2,688
|
|
$
|
562
|
|
$
|
461
|
|
$
|
684
|
|
$
|
15,013
|
|
Specific allowance
|
$
|
466
|
|
$
|
189
|
|
$
|
45
|
|
$
|
—
|
|
$
|
5
|
|
$
|
—
|
|
$
|
73
|
|
$
|
778
|
|
Allowance for Loan Losses Rollforward for the Period
|
|||||||||||||||||||||||||||
(in thousands)
|
Commercial and industrial
|
|
Commercial real estate, owner-occupied
|
|
Commercial real estate, investor
|
|
Construction
|
|
Home equity
|
|
Other residential
|
|
Installment and other consumer
|
|
Unallocated
|
|
Total
|
|
|||||||||
Three months ended September 30, 2019
|
|
|
|
|
|
|
|
||||||||||||||||||||
Beginning balance
|
$
|
2,368
|
|
$
|
2,321
|
|
$
|
7,721
|
|
$
|
619
|
|
$
|
907
|
|
$
|
849
|
|
$
|
323
|
|
$
|
727
|
|
$
|
15,835
|
|
Provision (reversal)
|
326
|
|
21
|
|
211
|
|
(117
|
)
|
(28
|
)
|
56
|
|
(28
|
)
|
(41
|
)
|
400
|
|
|||||||||
Charge-offs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Recoveries
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
|||||||||
Ending balance
|
$
|
2,699
|
|
$
|
2,342
|
|
$
|
7,932
|
|
$
|
502
|
|
$
|
879
|
|
$
|
905
|
|
$
|
295
|
|
$
|
686
|
|
$
|
16,240
|
|
Three months ended September 30, 2018
|
|
|
|
|
|
|
|
||||||||||||||||||||
Beginning balance
|
$
|
2,597
|
|
$
|
2,339
|
|
$
|
7,390
|
|
$
|
508
|
|
$
|
952
|
|
$
|
746
|
|
$
|
325
|
|
$
|
956
|
|
$
|
15,813
|
|
Provision (reversal)
|
(245
|
)
|
83
|
|
46
|
|
157
|
|
(39
|
)
|
35
|
|
5
|
|
(42
|
)
|
—
|
|
|||||||||
Charge-offs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Recoveries
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
|
|||||||||
Ending balance
|
$
|
2,356
|
|
$
|
2,422
|
|
$
|
7,436
|
|
$
|
665
|
|
$
|
913
|
|
$
|
781
|
|
$
|
330
|
|
$
|
914
|
|
$
|
15,817
|
|
Allowance for Loan Losses Rollforward for the Period
|
|||||||||||||||||||||||||||
(in thousands)
|
Commercial and industrial
|
|
Commercial real estate, owner-occupied
|
|
Commercial real estate, investor
|
|
Construction
|
|
Home equity
|
|
Other residential
|
|
Installment and other consumer
|
|
Unallocated
|
|
Total
|
|
|||||||||
Nine months ended September 30, 2019
|
|
|
|
|
|
|
|
||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
||||||||||||||||||||
Beginning balance
|
$
|
2,436
|
|
$
|
2,407
|
|
$
|
7,703
|
|
$
|
756
|
|
$
|
915
|
|
$
|
800
|
|
$
|
310
|
|
$
|
494
|
|
$
|
15,821
|
|
Provision (reversal)
|
256
|
|
(65
|
)
|
217
|
|
(254
|
)
|
(36
|
)
|
105
|
|
(15
|
)
|
192
|
|
400
|
|
|||||||||
Charge-offs
|
(9
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9
|
)
|
|||||||||
Recoveries
|
16
|
|
—
|
|
12
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
28
|
|
|||||||||
Ending balance
|
$
|
2,699
|
|
$
|
2,342
|
|
$
|
7,932
|
|
$
|
502
|
|
$
|
879
|
|
$
|
905
|
|
$
|
295
|
|
$
|
686
|
|
$
|
16,240
|
|
Nine months ended September 30, 2018
|
|
|
|
|
|
|
|
||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
||||||||||||||||||||
Beginning balance
|
$
|
3,654
|
|
$
|
2,294
|
|
$
|
6,475
|
|
$
|
681
|
|
$
|
1,031
|
|
$
|
536
|
|
$
|
378
|
|
$
|
718
|
|
$
|
15,767
|
|
Provision (reversal)
|
(1,308
|
)
|
128
|
|
961
|
|
(16
|
)
|
(118
|
)
|
245
|
|
(88
|
)
|
196
|
|
—
|
|
|||||||||
Charge-offs
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
—
|
|
(5
|
)
|
|||||||||
Recoveries
|
13
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
42
|
|
—
|
|
55
|
|
|||||||||
Ending balance
|
$
|
2,356
|
|
$
|
2,422
|
|
$
|
7,436
|
|
$
|
665
|
|
$
|
913
|
|
$
|
781
|
|
$
|
330
|
|
$
|
914
|
|
$
|
15,817
|
|
Allowance for Loan Losses and Recorded Investment in Loans
|
|||||||||||||||||||||||||||
(dollars in thousands)
|
Commercial and industrial
|
|
Commercial real estate, owner-occupied
|
|
Commercial real estate, investor
|
|
Construction
|
|
Home equity
|
|
Other residential
|
|
Installment and other consumer
|
|
Unallocated
|
|
Total
|
|
|||||||||
September 30, 2019
|
|||||||||||||||||||||||||||
Ending ALLL related to loans collectively evaluated for impairment
|
$
|
2,516
|
|
$
|
2,257
|
|
$
|
7,887
|
|
$
|
490
|
|
$
|
874
|
|
$
|
905
|
|
$
|
236
|
|
$
|
686
|
|
$
|
15,851
|
|
Ending ALLL related to loans individually evaluated for impairment
|
183
|
|
85
|
|
45
|
|
12
|
|
5
|
|
—
|
|
59
|
|
—
|
|
389
|
|
|||||||||
Ending ALLL related to PCI loans
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Ending balance
|
$
|
2,699
|
|
$
|
2,342
|
|
$
|
7,932
|
|
$
|
502
|
|
$
|
879
|
|
$
|
905
|
|
$
|
295
|
|
$
|
686
|
|
$
|
16,240
|
|
Recorded Investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Collectively evaluated for impairment
|
$
|
259,664
|
|
$
|
302,334
|
|
$
|
893,452
|
|
$
|
49,374
|
|
$
|
121,321
|
|
$
|
130,327
|
|
$
|
27,808
|
|
$
|
—
|
|
$
|
1,784,280
|
|
Individually evaluated for impairment
|
1,160
|
|
6,999
|
|
1,786
|
|
880
|
|
419
|
|
454
|
|
653
|
|
—
|
|
12,351
|
|
|||||||||
PCI loans
|
4
|
|
1,153
|
|
828
|
|
—
|
|
74
|
|
—
|
|
—
|
|
—
|
|
2,059
|
|
|||||||||
Total
|
$
|
260,828
|
|
$
|
310,486
|
|
$
|
896,066
|
|
$
|
50,254
|
|
$
|
121,814
|
|
$
|
130,781
|
|
$
|
28,461
|
|
$
|
—
|
|
$
|
1,798,690
|
|
Ratio of allowance for loan losses to total loans
|
1.03
|
%
|
0.75
|
%
|
0.89
|
%
|
1.00
|
%
|
0.72
|
%
|
0.69
|
%
|
1.04
|
%
|
NM
|
|
0.90
|
%
|
|||||||||
Allowance for loan losses to non-accrual loans
|
1,384
|
%
|
NM
|
|
NM
|
|
NM
|
|
526
|
%
|
NM
|
|
492
|
%
|
NM
|
|
3,848
|
%
|
Allowance for Loan Losses and Recorded Investment in Loans
|
|||||||||||||||||||||||||||
(dollars in thousands)
|
Commercial and industrial
|
|
Commercial real estate, owner-occupied
|
|
Commercial real estate, investor
|
|
Construction
|
|
Home equity
|
|
Other residential
|
|
Installment and other consumer
|
|
Unallocated
|
|
Total
|
|
|||||||||
December 31, 2018
|
|||||||||||||||||||||||||||
Ending ALLL related to loans collectively evaluated for impairment
|
$
|
1,970
|
|
$
|
2,218
|
|
$
|
7,658
|
|
$
|
756
|
|
$
|
910
|
|
$
|
800
|
|
$
|
237
|
|
$
|
494
|
|
$
|
15,043
|
|
Ending ALLL related to loans individually evaluated for impairment
|
466
|
|
189
|
|
45
|
|
—
|
|
5
|
|
—
|
|
73
|
|
—
|
|
778
|
|
|||||||||
Ending ALLL related to purchased credit-impaired loans
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Ending balance
|
$
|
2,436
|
|
$
|
2,407
|
|
$
|
7,703
|
|
$
|
756
|
|
$
|
915
|
|
$
|
800
|
|
$
|
310
|
|
$
|
494
|
|
$
|
15,821
|
|
Recorded Investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Collectively evaluated for impairment
|
$
|
228,883
|
|
$
|
305,097
|
|
$
|
870,778
|
|
$
|
73,735
|
|
$
|
124,049
|
|
$
|
117,385
|
|
$
|
26,787
|
|
$
|
—
|
|
$
|
1,746,714
|
|
Individually evaluated for impairment
|
1,825
|
|
6,993
|
|
1,821
|
|
2,688
|
|
564
|
|
462
|
|
685
|
|
—
|
|
15,038
|
|
|||||||||
Purchased credit-impaired
|
31
|
|
1,187
|
|
811
|
|
—
|
|
83
|
|
—
|
|
—
|
|
—
|
|
2,112
|
|
|||||||||
Total
|
$
|
230,739
|
|
$
|
313,277
|
|
$
|
873,410
|
|
$
|
76,423
|
|
$
|
124,696
|
|
$
|
117,847
|
|
$
|
27,472
|
|
$
|
—
|
|
$
|
1,763,864
|
|
Ratio of allowance for loan losses to total loans
|
1.06
|
%
|
0.77
|
%
|
0.88
|
%
|
0.99
|
%
|
0.73
|
%
|
0.68
|
%
|
1.13
|
%
|
NM
|
|
0.90
|
%
|
|||||||||
Allowance for loan losses to non-accrual loans
|
764
|
%
|
NM
|
|
NM
|
|
NM
|
|
292
|
%
|
NM
|
|
NM
|
|
NM
|
|
2,270
|
%
|
PCI Loans
|
September 30, 2019
|
December 31, 2018
|
||||||||||
(in thousands)
|
Unpaid Principal Balance
|
|
Carrying Value
|
|
Unpaid Principal Balance
|
|
Carrying Value
|
|
||||
Commercial and industrial
|
$
|
48
|
|
$
|
4
|
|
$
|
89
|
|
$
|
31
|
|
Commercial real estate, owner occupied
|
1,208
|
|
1,153
|
|
1,247
|
|
1,187
|
|
||||
Commercial real estate, investor
|
1,009
|
|
828
|
|
1,033
|
|
811
|
|
||||
Home equity
|
194
|
|
74
|
|
210
|
|
83
|
|
||||
Total purchased credit-impaired loans
|
$
|
2,459
|
|
$
|
2,059
|
|
$
|
2,579
|
|
$
|
2,112
|
|
Accretable Yield
|
Three months ended
|
Nine months ended
|
||||||||||
(in thousands)
|
September 30, 2019
|
September 30, 2018
|
September 30, 2019
|
September 30, 2018
|
||||||||
Balance at beginning of period
|
$
|
819
|
|
$
|
1,059
|
|
$
|
934
|
|
$
|
1,254
|
|
Accretion
|
(55
|
)
|
(63
|
)
|
(170
|
)
|
(258
|
)
|
||||
Balance at end of period
|
$
|
764
|
|
$
|
996
|
|
$
|
764
|
|
$
|
996
|
|
(in thousands)
|
September 30, 2019
|
|
December 31, 2018
|
|
||
Commercial lines of credit
|
$
|
239,465
|
|
$
|
238,361
|
|
Revolving home equity lines
|
190,230
|
|
189,971
|
|
||
Undisbursed construction loans
|
40,101
|
|
46,229
|
|
||
Personal and other lines of credit
|
9,888
|
|
14,109
|
|
||
Standby letters of credit
|
2,014
|
|
2,636
|
|
||
Total commitments and standby letters of credit
|
$
|
481,698
|
|
$
|
491,306
|
|
|
Nine months ended
|
||
(in thousands)
|
September 30, 2019
|
||
Right-of-use assets obtained in exchange for operating lease liabilities
|
$
|
1,661
|
|
Right-of-use assets obtained in exchange for finance lease liabilities
|
$
|
31
|
|
Reclassification of deferred rent and unamortized lease incentives from other liabilities to operating lease right-of-use assets upon adoption of ASC 842
|
$
|
1,967
|
|
(in thousands)
|
September 30, 2019
|
||||||
Year
|
Operating Leases
|
|
|
Finance Leases
|
|
||
2019
|
$
|
1,139
|
|
|
$
|
45
|
|
2020
|
4,469
|
|
|
170
|
|
||
2021
|
2,806
|
|
|
36
|
|
||
2022
|
1,952
|
|
|
8
|
|
||
2023
|
1,464
|
|
|
1
|
|
||
Thereafter
|
2,884
|
|
|
—
|
|
||
Total minimum lease payments
|
14,714
|
|
|
260
|
|
||
Amounts representing interest (present value discount)
|
(1,049
|
)
|
|
(5
|
)
|
||
Present value of net minimum lease payments (lease liability)
|
$
|
13,665
|
|
|
$
|
255
|
|
|
|
|
|
||||
Weighted average remaining term (in years)
|
5.0
|
|
|
1.6
|
|
||
Weighted average discount rate
|
2.78
|
%
|
|
2.87
|
%
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||
(in thousands)
|
September 30,
2019 |
December 31, 2018
|
|
September 30,
2019 |
December 31, 2018
|
||||||||
Fair value hedges:
|
|
|
|
|
|
||||||||
Interest rate contracts notional amount
|
$
|
—
|
|
$
|
8,895
|
|
|
$
|
17,199
|
|
$
|
9,016
|
|
Interest rate contracts fair value1
|
$
|
—
|
|
$
|
161
|
|
|
$
|
1,603
|
|
$
|
375
|
|
|
Carrying Amounts of Hedged Assets
|
|
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Loans
|
||||||||||
(in thousands)
|
September 30, 2019
|
December 31, 2018
|
|
September 30, 2019
|
December 31, 2018
|
||||||||
Loans
|
$
|
18,564
|
|
$
|
17,917
|
|
|
$
|
1,365
|
|
$
|
6
|
|
|
Three months ended
|
Nine months ended
|
||||||||||
(in thousands)
|
September 30, 2019
|
September 30, 2018
|
September 30, 2019
|
September 30, 2018
|
||||||||
Interest and fees on loans 1
|
$
|
21,525
|
|
$
|
20,284
|
|
$
|
63,208
|
|
$
|
58,795
|
|
(Decrease) increase in value of designated interest rate swaps due to LIBOR interest rate movements
|
$
|
(485
|
)
|
$
|
222
|
|
$
|
(1,389
|
)
|
$
|
939
|
|
Payment on interest rate swaps
|
(23
|
)
|
(32
|
)
|
(49
|
)
|
(127
|
)
|
||||
Increase (decrease) in value of hedged loans
|
424
|
|
(231
|
)
|
1,359
|
|
(924
|
)
|
||||
Decrease in value of yield maintenance agreement
|
(3
|
)
|
(4
|
)
|
(10
|
)
|
(11
|
)
|
||||
Net losses on fair value hedging relationships recognized in interest income
|
$
|
(87
|
)
|
$
|
(45
|
)
|
$
|
(89
|
)
|
$
|
(123
|
)
|
Offsetting of Financial Assets and Derivative Assets
|
||||||||||||||||||
|
|
Gross Amounts
|
Net Amounts of
|
Gross Amounts Not Offset in
|
|
|||||||||||||
|
Gross Amounts
|
Offset in the
|
Assets Presented
|
the Statements of Condition
|
|
|||||||||||||
|
of Recognized
|
Statements of
|
in the Statements
|
Financial
|
Cash Collateral
|
|
||||||||||||
(in thousands)
|
Assets
|
Condition
|
of Condition
|
Instruments
|
Received
|
Net Amount
|
||||||||||||
September 30, 2019
|
|
|
|
|
|
|
||||||||||||
Derivatives by Counterparty:
|
|
|
|
|
|
|
||||||||||||
Counterparty A
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Total
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
December 31, 2018
|
|
|
|
|
|
|
||||||||||||
Derivatives by Counterparty:
|
|
|
|
|
|
|
||||||||||||
Counterparty A
|
$
|
161
|
|
$
|
—
|
|
$
|
161
|
|
$
|
(161
|
)
|
$
|
—
|
|
$
|
—
|
|
Total
|
$
|
161
|
|
$
|
—
|
|
$
|
161
|
|
$
|
(161
|
)
|
$
|
—
|
|
$
|
—
|
|
Offsetting of Financial Liabilities and Derivative Liabilities
|
||||||||||||||||||
|
|
Gross Amounts
|
Net Amounts of
|
Gross Amounts Not Offset in
|
|
|||||||||||||
|
Gross Amounts
|
Offset in the
|
Liabilities Presented
|
the Statements of Condition
|
|
|||||||||||||
|
of Recognized
|
Statements of
|
in the Statements
|
Financial
|
Cash Collateral
|
|
||||||||||||
(in thousands)
|
Liabilities1
|
Condition
|
of Condition1
|
Instruments
|
Pledged
|
Net Amount
|
||||||||||||
September 30, 2019
|
|
|
|
|
|
|
||||||||||||
Derivatives by Counterparty:
|
|
|
|
|
|
|
||||||||||||
Counterparty A
|
$
|
1,603
|
|
$
|
—
|
|
$
|
1,603
|
|
$
|
—
|
|
$
|
(1,603
|
)
|
$
|
—
|
|
Total
|
$
|
1,603
|
|
$
|
—
|
|
$
|
1,603
|
|
$
|
—
|
|
$
|
(1,603
|
)
|
$
|
—
|
|
December 31, 2018
|
|
|
|
|
|
|
||||||||||||
Derivatives by Counterparty:
|
|
|
|
|
|
|
||||||||||||
Counterparty A
|
$
|
375
|
|
$
|
—
|
|
$
|
375
|
|
$
|
(161
|
)
|
$
|
—
|
|
$
|
214
|
|
Total
|
$
|
375
|
|
$
|
—
|
|
$
|
375
|
|
$
|
(161
|
)
|
$
|
—
|
|
$
|
214
|
|
•
|
Loans totaled $1,798.7 million at September 30, 2019, compared to $1,763.9 million at December 31, 2018. New loan originations of $156.1 million in the first nine months of 2019 was partially offset by payoffs of $107.8 million, and combined with changes in lines of credit utilization and amortization on existing loans, resulted in the net increase of $34.8 million. For the third quarter of 2019, loan originations of $77.3 million compared with third quarter 2018 loan originations of $52.6 million. Loan payoffs of $38.5 million in the third quarter of 2019, were lower than payoffs of $52.0 million the same period a year ago.
|
•
|
Strong credit quality remains a cornerstone of the Bank's consistent performance. Non-accrual loans totaled $422 thousand, or 0.02% of the loan portfolio at September 30, 2019, compared to $697 thousand, or 0.04% at December 31, 2018. Classified loans totaled $9.9 million at September 30, 2019, compared to $12.6 million at December 31, 2018. Accruing loans past due 30 to 89 days totaled $574 thousand at September 30, 2019, compared to $1.1 million at December 31, 2018. A $400 thousand provision for loan losses was recorded in the first nine months of 2019. There was no provision for loan losses recorded in 2018.
|
•
|
Total deposits increased $49.7 million in the first nine months of 2019 to $2,224.5 million at September 30, 2019. The increase was primarily due to normal cash fluctuations in some of our large business accounts. Non-interest bearing deposits increased $35.2 million from December 31, 2018 and represented 50% of total deposits at September 30, 2019. The annualized cost of total deposits for the first nine months of 2019 was 0.20%. Total deposits increased $122.5 million in the third quarter of 2019, compared to $75.1 million in the third quarter of 2018.
|
•
|
All capital ratios were above regulatory requirements to be considered well-capitalized. The total risk-based capital ratio for Bancorp was 15.3% at September 30, 2019, compared to 14.9% at December 31, 2018.
|
•
|
Return on assets was 1.49% for the quarter ended September 30, 2019, compared to 1.38% for the quarter ended September 30, 2018. Return on assets was 1.33% for the nine months ended September 30, 2019, compared to 1.24% for the nine months ended September 30, 2018. Return on equity was 11.34% for the quarter ended September 30, 2019, compared to 11.20% for the quarter ended September 30, 2018. Return on equity was 10.40% for the nine months ended September 30, 2019, compared to 10.17% for the nine months ended September 30, 2018.
|
•
|
Earnings were positively impacted by a benefit collected on bank-owned-life insurance ("BOLI") policies and an adjustment to the income tax provision related to a deferred tax liability true-up. These items positively impacted diluted earnings per share by approximately $0.06 for the quarter and first nine months of 2019.
|
•
|
The Board of Directors declared a cash dividend of $0.21 per share on October 18, 2019. This represents the 58th consecutive quarterly dividend paid by Bank of Marin Bancorp, a 30% payout ratio and 2% dividend yield based on the September 30, 2019 share price. The dividend is payable on November 8, 2019, to shareholders of record at the close of business on November 1, 2019.
|
(dollars in thousands)
|
September 30, 2019
|
December 31, 2018
|
||||
Selected financial condition data:
|
|
|
||||
Total assets
|
$
|
2,592,071
|
|
$
|
2,520,892
|
|
Loans, net
|
1,782,450
|
|
1,748,043
|
|
||
Deposits
|
2,224,524
|
|
2,174,840
|
|
||
Borrowings and other obligations
|
2,946
|
|
9,640
|
|
||
Stockholders' equity
|
333,065
|
|
316,407
|
|
||
Asset quality ratios:
|
|
|
||||
Allowance for loan losses to total loans
|
0.90
|
%
|
0.90
|
%
|
||
Allowance for loan losses to non-accrual loans
|
38.45x
|
|
22.71x
|
|
||
Non-accrual loans to total loans
|
0.02
|
%
|
0.04
|
%
|
||
Capital ratios:
|
|
|
||||
Equity to total assets ratio
|
12.85
|
%
|
12.55
|
%
|
||
Tangible common equity to tangible assets 1
|
11.70
|
%
|
11.30
|
%
|
||
Total capital (to risk-weighted assets)
|
15.31
|
%
|
14.93
|
%
|
||
Tier 1 capital (to risk-weighted assets)
|
14.46
|
%
|
14.10
|
%
|
||
Tier 1 capital (to average assets)
|
11.92
|
%
|
11.54
|
%
|
||
Common equity Tier 1 capital (to risk weighted assets)
|
14.33
|
%
|
13.98
|
%
|
|
Three months ended
|
|
Nine months ended
|
||||||||||
(dollars in thousands, except per share data)
|
September 30, 2019
|
September 30, 2018
|
|
September 30, 2019
|
September 30, 2018
|
||||||||
Selected operating data:
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
24,151
|
|
$
|
23,539
|
|
|
$
|
71,786
|
|
$
|
68,272
|
|
Non-interest income
|
2,721
|
|
2,236
|
|
|
6,766
|
|
6,716
|
|
||||
Non-interest expense
|
14,200
|
|
13,971
|
|
|
44,644
|
|
44,561
|
|
||||
Net income
|
9,448
|
|
8,680
|
|
|
25,162
|
|
22,960
|
|
||||
Net income per common share: 4
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.70
|
|
$
|
0.63
|
|
|
$
|
1.84
|
|
$
|
1.66
|
|
Diluted
|
$
|
0.69
|
|
$
|
0.62
|
|
|
$
|
1.82
|
|
$
|
1.64
|
|
Performance and other financial ratios:
|
|
|
|
|
|
||||||||
Return on average assets
|
1.49
|
%
|
1.38
|
%
|
|
1.33
|
%
|
1.24
|
%
|
||||
Return on average equity
|
11.34
|
%
|
11.20
|
%
|
|
10.40
|
%
|
10.17
|
%
|
||||
Tax-equivalent net interest margin 2
|
4.04
|
%
|
3.97
|
%
|
|
4.03
|
%
|
3.91
|
%
|
||||
Efficiency ratio
|
52.84
|
%
|
54.20
|
%
|
|
56.83
|
%
|
59.42
|
%
|
||||
Cash dividend payout ratio on common stock 3
|
30.00
|
%
|
25.60
|
%
|
|
32.07
|
%
|
27.79
|
%
|
|
|
Three months ended
|
|
Three months ended
|
||||||||||||||
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||||||
|
|
|
Interest
|
|
|
|
Interest
|
|
||||||||||
|
|
Average
|
Income/
|
Yield/
|
|
Average
|
Income/
|
Yield/
|
||||||||||
(dollars in thousands)
|
Balance
|
Expense
|
Rate
|
|
Balance
|
Expense
|
Rate
|
|||||||||||
Assets
|
|
|
|
|
|
|
|
|||||||||||
|
Interest-bearing due from banks 1
|
$
|
77,467
|
|
$
|
425
|
|
2.15
|
%
|
|
$
|
79,674
|
|
$
|
400
|
|
1.96
|
%
|
|
Investment securities 2, 3
|
506,023
|
|
3,443
|
|
2.72
|
%
|
|
558,741
|
|
3,624
|
|
2.59
|
%
|
||||
|
Loans 1, 3, 4
|
1,780,325
|
|
21,719
|
|
4.77
|
%
|
|
1,715,295
|
|
20,504
|
|
4.68
|
%
|
||||
|
Total interest-earning assets 1
|
2,363,815
|
|
25,587
|
|
4.24
|
%
|
|
2,353,710
|
|
24,528
|
|
4.08
|
%
|
||||
|
Cash and non-interest-bearing due from banks
|
38,434
|
|
|
|
|
41,316
|
|
|
|
||||||||
|
Bank premises and equipment, net
|
6,713
|
|
|
|
|
7,866
|
|
|
|
||||||||
|
Interest receivable and other assets, net
|
114,537
|
|
|
|
|
86,039
|
|
|
|
||||||||
Total assets
|
$
|
2,523,499
|
|
|
|
|
$
|
2,488,931
|
|
|
|
|||||||
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|||||||||||
|
Interest-bearing transaction accounts
|
$
|
137,861
|
|
$
|
101
|
|
0.29
|
%
|
|
$
|
134,293
|
|
$
|
58
|
|
0.17
|
%
|
|
Savings accounts
|
170,166
|
|
17
|
|
0.04
|
%
|
|
179,429
|
|
18
|
|
0.04
|
%
|
||||
|
Money market accounts
|
661,131
|
|
855
|
|
0.51
|
%
|
|
609,821
|
|
337
|
|
0.22
|
%
|
||||
|
Time accounts including CDARS
|
101,404
|
|
147
|
|
0.57
|
%
|
|
132,588
|
|
130
|
|
0.39
|
%
|
||||
|
Borrowings and other obligations 1
|
599
|
|
4
|
|
2.69
|
%
|
|
112
|
|
1
|
|
2.06
|
%
|
||||
|
Subordinated debentures 1
|
2,682
|
|
57
|
|
8.27
|
%
|
|
5,815
|
|
125
|
|
8.43
|
%
|
||||
|
Total interest-bearing liabilities
|
1,073,843
|
|
1,181
|
|
0.44
|
%
|
|
1,062,058
|
|
669
|
|
0.25
|
%
|
||||
|
Demand accounts
|
1,088,903
|
|
|
|
|
1,101,288
|
|
|
|
||||||||
|
Interest payable and other liabilities
|
30,268
|
|
|
|
|
18,022
|
|
|
|
||||||||
|
Stockholders' equity
|
330,485
|
|
|
|
|
307,563
|
|
|
|
||||||||
Total liabilities & stockholders' equity
|
$
|
2,523,499
|
|
|
|
|
$
|
2,488,931
|
|
|
|
|||||||
Tax-equivalent net interest income/margin 1
|
|
$
|
24,406
|
|
4.04
|
%
|
|
|
$
|
23,859
|
|
3.97
|
%
|
|||||
Reported net interest income/margin 1
|
|
$
|
24,151
|
|
4.00
|
%
|
|
|
$
|
23,539
|
|
3.91
|
%
|
|||||
Tax-equivalent net interest rate spread
|
|
|
3.80
|
%
|
|
|
|
3.83
|
%
|
|
Three Months Ended September 30, 2019 Compared to Three Months Ended September 30, 2018
|
Nine Months Ended September 30, 2019 Compared to Nine Months Ended September 30, 2018
|
||||||||||||||||||||||
(in thousands)
|
Volume
|
|
Yield/Rate
|
|
Mix
|
|
Total
|
|
Volume
|
|
Yield/Rate
|
|
Mix
|
|
Total
|
|
||||||||
Interest-bearing due from banks
|
$
|
(11
|
)
|
$
|
37
|
|
$
|
(1
|
)
|
$
|
25
|
|
$
|
(508
|
)
|
$
|
326
|
|
$
|
(152
|
)
|
$
|
(334
|
)
|
Investment securities 1
|
(342
|
)
|
177
|
|
(16
|
)
|
(181
|
)
|
163
|
|
789
|
|
13
|
|
965
|
|
||||||||
Loans 1
|
777
|
|
422
|
|
16
|
|
1,215
|
|
2,389
|
|
1,849
|
|
73
|
|
4,311
|
|
||||||||
Total interest-earning assets
|
424
|
|
636
|
|
(1
|
)
|
1,059
|
|
2,044
|
|
2,964
|
|
(66
|
)
|
4,942
|
|
||||||||
Interest-bearing transaction accounts
|
2
|
|
41
|
|
—
|
|
43
|
|
(19
|
)
|
148
|
|
(18
|
)
|
111
|
|
||||||||
Savings accounts
|
(1
|
)
|
1
|
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
—
|
|
(1
|
)
|
(2
|
)
|
||||||||
Money market accounts
|
28
|
|
452
|
|
38
|
|
518
|
|
83
|
|
1,388
|
|
146
|
|
1,617
|
|
||||||||
Time accounts, including CDARS
|
(30
|
)
|
62
|
|
(15
|
)
|
17
|
|
(97
|
)
|
146
|
|
(34
|
)
|
15
|
|
||||||||
Borrowings and other obligations
|
3
|
|
—
|
|
—
|
|
3
|
|
54
|
|
1
|
|
18
|
|
73
|
|
||||||||
Subordinated debentures
|
(67
|
)
|
(2
|
)
|
1
|
|
(68
|
)
|
(195
|
)
|
18
|
|
(10
|
)
|
(187
|
)
|
||||||||
Total interest-bearing liabilities
|
(65
|
)
|
554
|
|
23
|
|
512
|
|
(175
|
)
|
1,701
|
|
101
|
|
1,627
|
|
||||||||
Changes in tax-equivalent net interest income
|
$
|
489
|
|
$
|
82
|
|
$
|
(24
|
)
|
$
|
547
|
|
$
|
2,219
|
|
$
|
1,263
|
|
$
|
(167
|
)
|
$
|
3,315
|
|
1 Yields and interest income on tax-exempt securities and loans are presented on a taxable-equivalent basis using the federal statutory rate of 21%.
|
|
Three months ended
|
|
Amount
|
|
Percent
|
||||||||
(dollars in thousands)
|
September 30, 2019
|
September 30, 2018
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
|||||||
Service charges on deposit accounts
|
$
|
439
|
|
$
|
475
|
|
|
$
|
(36
|
)
|
|
(7.6
|
)%
|
Wealth Management and Trust Services
|
495
|
|
490
|
|
|
5
|
|
|
1.0
|
%
|
|||
Debit card interchange fees, net
|
406
|
|
402
|
|
|
4
|
|
|
1.0
|
%
|
|||
Merchant interchange fees, net
|
79
|
|
99
|
|
|
(20
|
)
|
|
(20.2
|
)%
|
|||
Earnings on bank-owned life insurance, net
|
795
|
|
227
|
|
|
568
|
|
|
250.2
|
%
|
|||
Dividends on FHLB stock
|
202
|
|
194
|
|
|
8
|
|
|
4.1
|
%
|
|||
(Losses) on investment securities, net
|
—
|
|
(90
|
)
|
|
90
|
|
|
(100.0
|
)%
|
|||
Other income
|
305
|
|
439
|
|
|
(134
|
)
|
|
(30.5
|
)%
|
|||
Total non-interest income
|
$
|
2,721
|
|
$
|
2,236
|
|
|
$
|
485
|
|
|
21.7
|
%
|
|
Nine months ended
|
|
Amount
|
|
Percent
|
||||||||
(dollars in thousands)
|
September 30, 2019
|
September 30, 2018
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
|||||||
Service charges on deposit accounts
|
$
|
1,403
|
|
1,407
|
|
|
$
|
(4
|
)
|
|
(0.3
|
)%
|
|
Wealth Management and Trust Services
|
1,406
|
|
1,493
|
|
|
(87
|
)
|
|
(5.8
|
)%
|
|||
Debit card interchange fees, net
|
1,200
|
|
1,158
|
|
|
42
|
|
|
3.6
|
%
|
|||
Merchant interchange fees, net
|
253
|
|
297
|
|
|
(44
|
)
|
|
(14.8
|
)%
|
|||
Earnings on bank-owned life insurance, net
|
970
|
|
685
|
|
|
285
|
|
|
41.6
|
%
|
|||
Dividends on FHLB stock
|
591
|
|
582
|
|
|
9
|
|
|
1.5
|
%
|
|||
Gains (losses) on investment securities, net
|
55
|
|
(79
|
)
|
|
134
|
|
|
NM
|
|
|||
Other income
|
888
|
|
1,173
|
|
|
(285
|
)
|
|
(24.3
|
)%
|
|||
Total non-interest income
|
$
|
6,766
|
|
$
|
6,716
|
|
|
$
|
50
|
|
|
0.7
|
%
|
NM- Not Meaningful
|
|
|
|
|
|
|
|
Three months ended
|
|
Amount
|
|
Percent
|
|||||||||
(dollars in thousands)
|
September 30, 2019
|
|
September 30, 2018
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
|||||||
Salaries and related benefits
|
$
|
8,412
|
|
|
$
|
8,069
|
|
|
$
|
343
|
|
|
4.3
|
%
|
Occupancy and equipment
|
1,507
|
|
|
1,444
|
|
|
63
|
|
|
4.4
|
%
|
|||
Depreciation and amortization
|
573
|
|
|
532
|
|
|
41
|
|
|
7.7
|
%
|
|||
Federal Deposit Insurance Corporation insurance
|
1
|
|
|
186
|
|
|
(185
|
)
|
|
(99.5
|
)%
|
|||
Data processing
|
923
|
|
|
950
|
|
|
(27
|
)
|
|
(2.8
|
)%
|
|||
Professional services
|
580
|
|
|
727
|
|
|
(147
|
)
|
|
(20.2
|
)%
|
|||
Directors' expense
|
189
|
|
|
173
|
|
|
16
|
|
|
9.2
|
%
|
|||
Information technology
|
279
|
|
|
262
|
|
|
17
|
|
|
6.5
|
%
|
|||
Core deposit intangible amortization
|
222
|
|
|
230
|
|
|
(8
|
)
|
|
(3.5
|
)%
|
|||
Other non-interest expense
|
|
|
|
|
|
|
|
|
||||||
Advertising
|
183
|
|
|
118
|
|
|
65
|
|
|
55.1
|
%
|
|||
Other expense
|
1,331
|
|
|
1,280
|
|
|
51
|
|
|
4.0
|
%
|
|||
Total other non-interest expense
|
1,514
|
|
|
1,398
|
|
|
116
|
|
|
8.3
|
%
|
|||
Total non-interest expense
|
$
|
14,200
|
|
|
$
|
13,971
|
|
|
$
|
229
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|||||||
|
Nine months ended
|
|
Amount
|
|
Percent
|
|||||||||
(dollars in thousands)
|
September 30, 2019
|
|
September 30, 2018
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
|||||||
Salaries and related benefits
|
$
|
26,426
|
|
|
$
|
25,402
|
|
|
$
|
1,024
|
|
|
4.0
|
%
|
Occupancy and equipment
|
4,616
|
|
|
4,462
|
|
|
154
|
|
|
3.5
|
%
|
|||
Depreciation and amortization
|
1,701
|
|
|
1,625
|
|
|
76
|
|
|
4.7
|
%
|
|||
Federal Deposit Insurance Corporation insurance
|
354
|
|
|
568
|
|
|
(214
|
)
|
|
(37.7
|
)%
|
|||
Data processing
|
2,942
|
|
|
3,354
|
|
|
(412
|
)
|
|
(12.3
|
)%
|
|||
Professional services
|
1,701
|
|
|
2,836
|
|
|
(1,135
|
)
|
|
(40.0
|
)%
|
|||
Directors' expense
|
555
|
|
|
530
|
|
|
25
|
|
|
4.7
|
%
|
|||
Information technology
|
822
|
|
|
795
|
|
|
27
|
|
|
3.4
|
%
|
|||
Core deposit intangible amortization
|
665
|
|
|
691
|
|
|
(26
|
)
|
|
(3.8
|
)%
|
|||
Provision for losses on off-balance sheet commitments
|
129
|
|
|
—
|
|
|
129
|
|
|
100.0
|
%
|
|||
Other non-interest expense
|
|
|
|
|
|
|
|
|||||||
Advertising
|
588
|
|
|
426
|
|
|
162
|
|
|
38.0
|
%
|
|||
Other expense
|
4,145
|
|
|
3,872
|
|
|
273
|
|
|
7.1
|
%
|
|||
Total other non-interest expense
|
4,733
|
|
|
4,298
|
|
|
435
|
|
|
10.1
|
%
|
|||
Total non-interest expense
|
$
|
44,644
|
|
|
$
|
44,561
|
|
|
$
|
83
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||
(dollars in thousands)
|
Amortized Cost
|
Fair Value
|
% of Total State and Political Subdivisions
|
|
Amortized Cost
|
Fair Value
|
% of Total State and Political Subdivisions
|
|||||||||||
Within California:
|
|
|
|
|
|
|
|
|||||||||||
|
General obligation bonds
|
$
|
4,603
|
|
$
|
4,828
|
|
8.2
|
%
|
|
$
|
14,438
|
|
$
|
14,418
|
|
16.0
|
%
|
|
Revenue bonds
|
2,930
|
|
2,980
|
|
5.2
|
|
|
7,109
|
|
7,108
|
|
7.9
|
|
||||
|
Tax allocation bonds
|
3,886
|
|
3,978
|
|
6.9
|
|
|
4,541
|
|
4,601
|
|
5.0
|
|
||||
Total within California
|
11,419
|
|
11,786
|
|
20.3
|
|
|
26,088
|
|
26,127
|
|
28.9
|
|
|||||
Outside California:
|
|
|
|
|
|
|
|
|||||||||||
|
General obligation bonds
|
39,476
|
|
40,409
|
|
70.5
|
|
|
56,186
|
|
55,199
|
|
62.3
|
|
||||
|
Revenue bonds
|
5,140
|
|
5,172
|
|
9.2
|
|
|
7,883
|
|
7,850
|
|
8.8
|
|
||||
Total outside California
|
44,616
|
|
45,581
|
|
79.7
|
|
|
64,069
|
|
63,049
|
|
71.1
|
|
|||||
Total obligations of state and political subdivisions
|
$
|
56,035
|
|
$
|
57,367
|
|
100.0
|
%
|
|
$
|
90,157
|
|
$
|
89,176
|
|
100.0
|
%
|
•
|
The soundness of a municipality’s budgetary position and stability of its tax revenues
|
•
|
Debt profile and level of unfunded liabilities, diversity of revenue sources, taxing authority of the issuer
|
•
|
Local demographics/economics including unemployment data, largest taxpayers and local employers, income indices and home values
|
•
|
For revenue bonds, the source and strength of revenue for municipal authorities including the obligor’s financial condition and reserve levels, annual debt service and debt coverage ratio, and credit enhancement (such as insurer’s strength and collateral in escrow accounts)
|
•
|
Credit ratings by major credit rating agencies
|
Capital Ratios for Bancorp
(dollars in thousands)
|
Actual Ratio
|
Adequately Capitalized Threshold1
|
Ratio to be a Well Capitalized Bank Holding Company
|
||||||||||||
September 30, 2019
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
|||
Total Capital (to risk-weighted assets)
|
$
|
312,801
|
|
15.31
|
%
|
≥ $
|
204,365
|
|
≥ 10.00
|
%
|
≥ $
|
204,365
|
|
≥ 10.00
|
%
|
Tier 1 Capital (to risk-weighted assets)
|
$
|
295,474
|
|
14.46
|
%
|
≥ $
|
163,492
|
|
≥ 8.00
|
%
|
≥ $
|
163,492
|
|
≥ 8.00
|
%
|
Tier 1 Capital (to average assets)
|
$
|
295,474
|
|
11.92
|
%
|
≥ $
|
123,958
|
|
≥ 5.00
|
%
|
≥ $
|
123,958
|
|
≥ 5.00
|
%
|
Common Equity Tier 1 (to risk-weighted assets)
|
$
|
292,783
|
|
14.33
|
%
|
≥ $
|
132,837
|
|
≥ 6.50
|
%
|
≥ $
|
132,837
|
|
≥ 6.50
|
%
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||
Total Capital (to risk-weighted assets)
|
$
|
305,224
|
|
14.93
|
%
|
≥ $
|
201,943
|
|
≥ 9.875
|
%
|
≥ $
|
204,499
|
|
≥ 10.00
|
%
|
Tier 1 Capital (to risk-weighted assets)
|
$
|
288,445
|
|
14.10
|
%
|
≥ $
|
161,043
|
|
≥ 7.875
|
%
|
≥ $
|
163,599
|
|
≥ 8.00
|
%
|
Tier 1 Capital (to average assets)
|
$
|
288,445
|
|
11.54
|
%
|
≥ $
|
100,011
|
|
≥ 4.000
|
%
|
≥ $
|
125,013
|
|
≥ 5.00
|
%
|
Common Equity Tier 1 (to risk-weighted assets)
|
$
|
285,805
|
|
13.98
|
%
|
≥ $
|
130,368
|
|
≥ 6.375
|
%
|
≥ $
|
132,925
|
|
≥ 6.50
|
%
|
Capital Ratios for the Bank
(dollars in thousands)
|
Actual Ratio
|
Adequately Capitalized Threshold1
|
Ratio to be Well Capitalized under Prompt Corrective Action Provisions
|
||||||||||||
September 30, 2019
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
|||
Total Capital (to risk-weighted assets)
|
$
|
298,291
|
|
14.60
|
%
|
≥ $
|
204,347
|
|
≥ 10.00
|
%
|
≥ $
|
204,347
|
|
≥ 10.00
|
%
|
Tier 1 Capital (to risk-weighted assets)
|
$
|
280,964
|
|
13.75
|
%
|
≥ $
|
163,478
|
|
≥ 8.00
|
%
|
≥ $
|
163,478
|
|
≥ 8.00
|
%
|
Tier 1 Capital (to average assets)
|
$
|
280,964
|
|
11.33
|
%
|
≥ $
|
123,945
|
|
≥ 5.00
|
%
|
≥ $
|
123,945
|
|
≥ 5.00
|
%
|
Common Equity Tier 1 (to risk-weighted assets)
|
$
|
280,964
|
|
13.75
|
%
|
≥ $
|
132,826
|
|
≥ 6.50
|
%
|
≥ $
|
132,826
|
|
≥ 6.50
|
%
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Capital (to risk-weighted assets)
|
$
|
285,969
|
|
13.98
|
%
|
≥ $
|
201,297
|
|
≥ 9.875
|
%
|
≥ $
|
204,483
|
|
≥ 10.00
|
%
|
Tier 1 Capital (to risk-weighted assets)
|
$
|
269,191
|
|
13.16
|
%
|
≥ $
|
161,031
|
|
≥ 7.875
|
%
|
≥ $
|
163,587
|
|
≥ 8.00
|
%
|
Tier 1 Capital (to average assets)
|
$
|
269,191
|
|
10.77
|
%
|
≥ $
|
99,994
|
|
≥ 4.000
|
%
|
≥ $
|
124,992
|
|
≥ 5.00
|
%
|
Common Equity Tier 1 (to risk-weighted assets)
|
$
|
269,191
|
|
13.16
|
%
|
≥ $
|
130,358
|
|
≥ 6.375
|
%
|
≥ $
|
132,914
|
|
≥ 6.50
|
%
|
Immediate Changes in Interest Rates (in basis points)
|
Estimated Change in Net Interest Income in Year 1, as percent of Net Interest Income
|
|
Estimated Change in Net Interest Income in Year 2, as percent of Net Interest Income
|
|
up 400
|
(1.7
|
)%
|
8.7
|
%
|
up 300
|
(1.0
|
)%
|
7.4
|
%
|
up 200
|
(0.4
|
)%
|
5.9
|
%
|
up 100
|
—
|
%
|
3.7
|
%
|
down 100
|
(4.2
|
)%
|
(8.9
|
)%
|
down 200
|
(7.9
|
)%
|
(15.9
|
)%
|
(in thousands, except per share data)
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Programs
|
|
Approximate Dollar Value That May yet Be Purchased Under the Program
|
|
||
Period
|
||||||||||
July 1-31, 2019
|
19,070
|
|
$
|
42.62
|
|
19,070
|
|
$
|
6,730
|
|
August 1-31, 2019
|
26,019
|
|
41.21
|
|
26,019
|
|
5,657
|
|
||
September 1-30, 2019
|
20,038
|
|
41.76
|
|
20,038
|
|
4,819
|
|
||
Total
|
65,127
|
|
$
|
41.79
|
|
65,127
|
|
|
|
|
Incorporated by Reference
|
|
|||
Exhibit Number
|
Exhibit Description
|
Form
|
File No.
|
Exhibit
|
Filing Date
|
Herewith
|
2.01
|
8-K
|
001-33572
|
2.1
|
August 2, 2017
|
|
|
3.01
|
10-Q
|
001-33572
|
3.01
|
November 7, 2007
|
|
|
3.02
|
10-Q
|
001-33572
|
3.02
|
May 9, 2011
|
|
|
3.02a
|
8-K
|
001-33572
|
3.03
|
July 6, 2015
|
|
|
4.01
|
8-A12B
|
001-33572
|
4.1
|
July 7, 2017
|
|
|
10.01
|
S-8
|
333-218274
|
4.1
|
May 26, 2017
|
|
|
10.02
|
S-8
|
333-221219
|
4.1
|
October 30, 2017
|
|
|
10.03
|
S-8
|
333-227840
|
4.1
|
October 15, 2018
|
|
|
10.04
|
S-8
|
333-167639
|
4.1
|
June 21, 2010
|
|
|
10.05
|
10-Q
|
001-33572
|
10.06
|
November 7, 2007
|
|
|
10.06
|
8-K
|
001-33572
|
10.1
|
January 26, 2009
|
|
|
10.07
|
8-K
|
001-33572
|
99.1
|
October 21, 2010
|
|
|
10.08
|
8-K
|
001-33572
|
10.1
|
January 6, 2011
|
|
|
10.09
|
8-K
|
001-33572
|
10.4
|
January 6, 2011
|
|
|
10.10
|
8-K
|
001-33572
|
10.2
|
November 4, 2014
|
|
|
10.11
|
8-K
|
001-33572
|
10.3
|
November 4, 2014
|
|
|
10.12
|
8-K
|
001-33572
|
10.4
|
June 2, 2015
|
|
|
10.13
|
8-K
|
001-33572
|
10.1
|
October 31, 2007
|
|
|
10.14
|
8-K
|
001-33572
|
10.1
|
July 26, 2019
|
|
|
11.01
|
|
|
|
|
Filed
|
|
31.01
|
|
|
|
|
Filed
|
|
31.02
|
|
|
|
|
Filed
|
|
32.01
|
|
|
|
|
Filed
|
|
101.INS
|
Inline XBRL Instance Document
|
|
|
|
|
Filed
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
|
|
Filed
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
Filed
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
Filed
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
Filed
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
Filed
|
|
|
|
|
|
|
|
Bank of Marin Bancorp
|
|
|
|
(registrant)
|
|
|
|
|
|
|
|
|
|
November 8, 2019
|
|
/s/ Russell A. Colombo
|
|
Date
|
|
Russell A. Colombo
|
|
|
|
President &
|
|
|
|
Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
November 8, 2019
|
|
/s/ Tani Girton
|
|
Date
|
|
Tani Girton
|
|
|
|
Executive Vice President &
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
|
November 8, 2019
|
|
/s/ David A. Merck
|
|
Date
|
|
David A. Merck
|
|
|
|
Vice President &
|
|
|
|
Financial Reporting Manager
|
|
|
|
(Principal Accounting Officer)
|
1 Year Bank of Marin Bancorp Chart |
1 Month Bank of Marin Bancorp Chart |
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